Wihlborgs Fastigheter (WHIL) Q2 2025 earnings summary

Executive summary

• Achieved record results in Q2 2025 for rental income, operating surplus, property management income, and property value, supported by positive net letting and a major acquisition.

• Celebrated 20 years as a listed company, growing property value from SEK 7 billion to SEK 63 billion, investing SEK 20 billion in projects, and distributing SEK 9 billion in dividends.

• Demand remains strong for high-quality properties in prime locations, with ongoing project investments fueling growth potential.

• 41 consecutive quarters of positive net letting, with SEK 24 million in Q2.

• Largest acquisition to date completed in April, adding 51,000 m² lettable area and 82,000 m² developable land for SEK 2,425 million.

Financial highlights

• H1 2025 rental income rose to SEK 2,142 million (up 3% YoY), operating surplus to SEK 1,544 million (up 4% YoY), and income from property management up 12% to SEK 987 million.

• Q2 2025 rental income was SEK 1,097 million (+6% YoY), operating surplus SEK 813 million (+6% YoY), and income from property management SEK 524 million (+14% YoY).

• Profit for Q2 was SEK 452 million; H1 result was SEK 883 million (SEK 2.87/share), up 27% YoY.

• EPRA NRV per share increased 10% YoY to SEK 94.35, adjusted for dividends.

• Value changes on properties SEK 312 million; derivatives SEK -122 million.

Outlook and guidance

• Expect improvement in occupancy and financials towards end of 2025 and into 2026, supported by new leases and limited new supply from competitors.

• Project investments and targeted property development expected to support continued growth.

• Market in Sweden remains cautious but shows signs of slow recovery; Copenhagen market is stable with promising discussions for larger leases.

• Loan-to-value ratio expected to decrease in coming quarters due to earnings growth.